An interjection used to counteract a statement or act that might be interpreted as expressing homosexual desires.

As of late, the word has humorously evolved to counter a statement that has even the slightest tinge of homosexuality to it.

Some of my favorites from the internet:

"...commanding the dirty funked up wah-wah guitar, lush arrangements, heartstopping strings, wailing double-tracked backing vocals and trippy backwards fx to do backflips and weave their way in and out of macked-out horns and throbbing bass grooves (no homo!) while crisp snares and reverberating bongos underline the whole experience."

And even funnier (to me):

"A quick search on froogle (no homo) pulls up 160 Gigs of external harddrive (again, no homo) for as cheap as $106."

1. "the fact that i've never, as long as you've known me, been a homosexual might escape you, so in case i say something that can be remotely mistaken for homosexual in nature, i'd like to reassure you that i'm not trying to seduce you."

2. "i kinda want you to notice the gayness of something i've just said that would have otherwise gone completely unnoticed"

An addendum to a possibly homosexual-sounding statement. Working as a "Get Out of Jail Free" card, it allows the speaker to maintain his or her heterosexual reputation no matter how homosexual the previous or forthcoming statement.

I'm coming out of the closet; I am gay, I have had gay sex numerous times, and I am moving to Massachusetts with my boyfriend to gave a gay marriage. No homo.